Is there a word for the use of words which, phonetically, create another word?

Solution 1:

I think the perfect word for this is oronym.

Per this glossary of linguistic terms: http://www.neonym.com/glossary-linguistic.html

A word or combination of words sounding like another word or combination of words, e.g., ICE CREAM vs. I SCREAM or WHITE SHOES vs. WHY CHOOSE

The "ice cream" / "I scream" example sounds a lot like your example comparing "Mr. X" and "misdirects."

Oronyms are specifically associated with word-gaming, which makes it especially fitting for your example. This Wikipedia page includes a pretty good list of oronyms.

https://en.wikipedia.org/wiki/Homophone#Oronyms